Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.33 CNY [7] Core Views - The company achieved significant growth in Q2, with a revenue increase of 21.81% year-on-year, driven by collaboration with its controlling shareholder and benefits from urban renewal projects [1][2] - The company has raised its profit forecasts for 2025-2027, expecting net profits of 1.2 billion, 1.3 billion, and 1.5 billion CNY respectively [1] - The engineering construction business has seen a substantial increase in new contract signings, with a total of 50.50 billion CNY in new contracts, a 48% increase year-on-year, primarily from the construction segment [2] Financial Performance - In H1 2025, the company reported a revenue of 3.393 billion CNY, a year-on-year increase of 7.67%, and a net profit of 0.45 billion CNY, up 32.33% [1] - The company's gross margin for H1 2025 was 4.99%, with a net profit margin of 1.61%, reflecting a 0.15 percentage point increase year-on-year [3] - The cash flow from operations for H1 2025 was 0.52 billion CNY, an increase of 0.95 billion CNY year-on-year, indicating improved cash collection management [3] Business Expansion - The company has increased its expected daily related transaction limit with its controlling shareholder to 12 billion CNY for 2025, up from 8 billion CNY [4] - The company’s engineering consulting business showed resilience with a new contract amount of 4.57 billion CNY, remaining stable compared to the previous year [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has reported significant year-on-year growth in revenue and net profit for the first half of 2025, with a notable increase in engineering construction orders [6][7] - The overall business performance remains stable, and the improvement in performance is better than expected, leading to an upward revision of profit forecasts for 2025-2027 [6] - The company is expected to benefit from synergies with its controlling shareholder, which may drive continuous revenue growth [6] Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 3.393 billion yuan, a year-on-year increase of 7.67%, and a net profit attributable to shareholders of 45 million yuan, up 32.33% year-on-year [7] - The company’s gross profit margin was 4.99%, and the net profit margin was 1.61%, with respective year-on-year changes of -0.11 percentage points and +0.15 percentage points [7] - The operating cash flow turned positive, with a net cash flow from operating activities of 52 million yuan, attributed to increased construction business scale and improved collections [7] Business Segment Analysis - The engineering consulting business saw a slight revenue decline of 0.74%, generating 285 million yuan, while the engineering construction business reported a revenue increase of 8.55%, totaling 3.107 billion yuan [8] - The company signed new contracts worth 5.050 billion yuan in the first half of 2025, a 48% increase year-on-year, with the engineering construction segment accounting for 4.593 billion yuan, reflecting a substantial growth of 56% [8] - The growth in engineering construction orders is primarily driven by the aggressive expansion of land reserves by the controlling shareholder, which has effectively boosted related business demand [8] Financial Forecasts - The company’s projected net profit for 2025-2027 is revised to 120 million, 150 million, and 170 million yuan respectively, with corresponding EPS estimates of 0.5, 0.6, and 0.6 yuan [6] - The current price-to-earnings (P/E) ratios for 2025-2027 are estimated at 22.0, 17.9, and 15.8 times [6] - Revenue forecasts for 2025-2027 are set at 8.048 billion, 9.519 billion, and 11.300 billion yuan, with year-on-year growth rates of 21.8%, 18.3%, and 18.7% respectively [9]

格隆汇8月19日丨建发合诚(603909.SH)公布半年度报告，2025年上半年，公司主营业务收入实现33.92亿 元，同比增长7.70%。其中：工程咨询业务（勘察设计、工程管理、试验检测等）实现收入2.85亿元， 同比减少0.74%；工程施工业务（建筑施工、综合管养等）实现收入31.07亿元，同比增长8.55%。报告 期内公司实现归属于母公司所有者的净利润0.45亿元，同比增长32.33%；经营活动产生的现金流量净额 0.52亿元，同比增长218.12%。报告期内，公司多举措强化回款管控，本期回款总额达30.47亿元，同比 增加13.63%。 ...